Tim Smith of the Smith Group at Coldwell Banker Realty closed the record-breaking deal after receiving multiple offers on the 5,000-square-foot Orange County, California, property.
A waterfront Laguna Beach, California, spec home has sold for $43.5 million by Tim Smith of the Smith Group at Coldwell Banker Realty after receiving multiple offers, The Wall Street Journal reported on Monday.
Originally listed for $48.995 million in May, the 5,000-square-foot property was completed earlier in 2022 by developer David Wojtaszek of Divita Builders.
At $43.5 million, the sale of the property equated to about $8,733 per square foot, establishing a new record for new construction in Orange County, according to Smith.
The buyer, who remains anonymous, was represented by Tad Baltzer of Triibe Real Estate.
Located in the gated community of Emerald Bay, Wojtaszek purchased the property’s 4,000-square-foot lot in 2017 for $8.5 million, according to The Journal. Over the course of about six years, Wojtaszek then planned and built out the home.
The five-bedroom home includes approximately 1,000 square feet of outdoor living space equipped with an outdoor shower and a hot tub. The property also includes 10 baths, a gym, media lounge, temperature-controlled wine wall and Nordic sauna. To top it all off, the home also features views of Catalina Island and impressive bluffs.
High-end finishes include Venetian plaster wall treatments, limestone floors, walnut wood paneling, Gaggenau appliances, a four-car garage complete with two electric vehicle charging stations and custom Gennaro lighting.
Smith is known in the industry for his innovative listing videos, including a video he made in 2019 parodying “Teach Me How To Dougie” by Cali Swag District that featured some of the band’s members.